ACEN Corp. is considering raising fresh capital over the next 12 months to fund renewable energy projects, a top executive said Wednesday.
"To support its long-term growth ambitions while maintaining a strong and resilient balance sheet, the company is evaluating options to raise additional equity capital within the next six to 12 months," President and CEO Eric Francia told stockholders.
"A stock offering remains one of the potential avenues under consideration. However, the company is also actively exploring a broader range of equity sources to ensure flexibility and optimal execution," he added.
"Timing and structure will ultimately depend on prevailing market conditions."
Francia said that Acen was monitoring factors such as the war in the Middle East, inflation, interest rates and market sentiment.
“We believe that this measured approach allows ACEN to remain opportunistic while ensuring that any capital raise is aligned with shareholder value and long-term strategic objectives," he said.
Francia told reporters in a briefing following the stockholders’ meeting that the company was looking to grow its capacity by around one gigawatt (GW) this year.
"I believe that we should be on track to get to eight-plus GW by the end of the year. So on that metric, we plan to add around a gigawatt plus of new capacity, not operational, but we expect to be starting the construction of new capacity around the region soon, including battery storage."
ACEN shares on Wednesday slipped P0.06, or 1.99 percent, to close at P2.95 per share.
ED PAOLO SALTING
